This illustration provides an overview of the Automatic Receipts and Remittance processes.
First, you flag the transactions that you want the Automatic Receipts process to pay by assigning a receipt method with an associated receipt class that has an Automatic creation method.
When you run the Automatic Receipts program, Receivables creates receipts to close out all completed transactions that meet the selection criteria. Receivables also lets you update, delete, and approve the receipts that were selected. You can also optionally format your automatic receipts onto paper to send to your customer for confirmation or notification before remitting them to your bank on either paper or magnetic media.
The next step in the process involves confirming your automatic receipt batches, if required, to indicate that your customer has reviewed each receipt and agrees that the payment information is correct.
After confirmation, you create remittance batches to select automatic receipts for remittance to your bank to initiate the transfer of funds from your customer's account to your account as payment for the transactions that were previously closed by these receipts. You can create unapproved, approved, or approved and formatted remittance batches, which you then send to your bank.
When you receive your bank statement, you can then reconcile your receipts. You can optionally submit the Automatic Clearing program to automatically clear remitted receipts and clear or risk eliminate factored receipts in Receivables.